Property Tech, a subsidiary of Tech Group, has announced its purchase of two properties in India, worth around AED 110 million as part of the Group's aggressive plans to tap into new promising markets.
"The deal fits within the Group's ambitious strategy to capitalise on highly promising property markets," said Ali Ghalib Jaber, Tech Group CEO, singling out his Group's plans to access the Turkish market in the near future.
"India is one of the world's fastest growing real estate markets, and having a foothold there means that we can gain solid ground with Indian investors to launch fresh vistas of joint cooperation and mull over the possibility of investing in other countries."
Driven by positive growth in the economy, real estate in India is booming. The year 2006 started on a promising note when the government of India opened the construction and development sector in February and allowed 100% foreign direct investment (FDI) in order to spur investment in the vital infrastructure sector.
The Indian government has thrown open the lucrative parts of the Indian realty market to global investors for the first time, securing $12b worth of FDI. The country is, however, in need of furthering incentives to ensure more flexibility in the construction sector and meet its financing needs, estimated at $350b, to achieve the five-year development plan, at least $100b [B1] of which must be obtained from private sector investors.
Tech Group has of late signed a number of deals tailored to expedite and expand the pace of work at its various subsidiaries. It is one of the leading firms at the forefront of the development taking place in the emirate of Ajman, with several of its subsidiaries playing key roles in the development of Emirates City, a multi-purpose development situated on the Emirates Road and one of the most significant projects in Ajman to date
Tech Group is the parent company to a group of subsidiaries specializing in various construction and development related industries. The subsidiary companies include Construction Tech, Remix Tech, Aluglass Tech, Block Tech and Piling Tech, among others.
-Ends-
About Tech Group:
Headquartered in Ajman, The Tech Group is developing groundbreaking projects right across the United Arab Emirates, taking a leading role in the development of the UAE's construction sector. It is an umbrella organization for several of the UAE's top construction companies: Construction Tech, Remix Tech, Piling Tech, Aluglass Tech, Block Tech, Wood Tech, and Ceramic Tech. Construction Tech is a preconstruction and construction firm, currently developing projects across the country. Remix Tech is one of the ready-mix industry's most successful firms, boasting several plants in Ajman and having already supplied over 450,000 cubic meters of material. Block Tech has garnered a reputation as one the fastest growing concrete manufacturers in Ajman with the development of several of the UAE's mega-projects and stand-alone towers, while Aluglass Glass and Wood Tech are two of Ajman's leading Aluminum, Glass and Wood firms.
Mustafa Al Khafaf
SAHARA PR
Tel: +9714 3298996
Email: mustafa@saharagcc.com
Website: www.saharagcc.com
© Press Release 2008
